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PLN: Zloty On Defensive, Lags Most EMEA Peers

PLN
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EUR/PLN approached its 200-DMA yesterday with a moderate bullish bias evident since bears failed to force a meaningful break below the 4.25 support area in July. The pair last changes hands at 4.3163, up 40 pips on the session, and a break above the aforementioned moving average at 4.3217 would expose Jul 2 high of 4.3321. Meanwhile, a sell-off past Jul 26 low of 4.2671 would allow bears to focus on the 4.25 zone again, with May 28 & Jul 15 lows providing a key level of support at 4.2471.

  • POLGB yields have moved higher and last sit 5.4-6.8bp above neutral levels, with some mild steepening creeping in. The spread between 10-year POLGB/Bund yields printed new cyclical narrows yesterday but is now ticking away from there.
  • The WIG20 Index continues to struggle despite a recovery in major global equity indices. Poland's equity benchmark continued to lose altitude yesterday, shedding a further 0.3% this morning.
  • The Ministry of Family, Labour and Social Policy said that the unemployment rate in July was 5.0%, according to its preliminary estimate. The jobless rate remains at/near the lowest levels in Poland's post-communist history.
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EUR/PLN approached its 200-DMA yesterday with a moderate bullish bias evident since bears failed to force a meaningful break below the 4.25 support area in July. The pair last changes hands at 4.3163, up 40 pips on the session, and a break above the aforementioned moving average at 4.3217 would expose Jul 2 high of 4.3321. Meanwhile, a sell-off past Jul 26 low of 4.2671 would allow bears to focus on the 4.25 zone again, with May 28 & Jul 15 lows providing a key level of support at 4.2471.

  • POLGB yields have moved higher and last sit 5.4-6.8bp above neutral levels, with some mild steepening creeping in. The spread between 10-year POLGB/Bund yields printed new cyclical narrows yesterday but is now ticking away from there.
  • The WIG20 Index continues to struggle despite a recovery in major global equity indices. Poland's equity benchmark continued to lose altitude yesterday, shedding a further 0.3% this morning.
  • The Ministry of Family, Labour and Social Policy said that the unemployment rate in July was 5.0%, according to its preliminary estimate. The jobless rate remains at/near the lowest levels in Poland's post-communist history.